Common use of Shared Collateral Documents Clause in Contracts

Shared Collateral Documents. (a) The New 2030 Second Out Notes and the New 2030 Second Out Note Guarantees: (i) are secured by the Shared Collateral (sharing on a pari passu, ratable basis with the New 2029 Second Out Notes, including, when issued, the Second Out Exchangeable Notes and any other Second Priority Secured Obligations) pursuant to the terms of the Intercreditor Agreement; and (ii) have the right to receive payments from the Shared Collateral, including the proceeds of any enforcement of Shared Collateral, or any guarantees of any Series of Secured Debt (including the New 2030 Second Out Note Guarantees), (i) after the payment, including the proceeds of any enforcement of Shared Collateral, of amounts due and payable in respect of the Superpriority Secured Obligations, and (ii) on a “second out” basis after the payment of amounts due and payable in respect of the Superpriority Secured Obligations and the First Priority Secured Obligations pursuant to the terms of the Intercreditor Agreement.

Shared Collateral Documents. (a) The New 2030 2029 Second Out Notes and the New 2030 2029 Second Out Note Guarantees: (i) are secured by the Shared Collateral (sharing on a pari passu, ratable basis with the New 2029 2030 Second Out Notes, including, when issued, the Second Out Exchangeable Notes and any other Second Priority Secured Obligations) pursuant to the terms of the Intercreditor Agreement; and (ii) have the right to receive payments from the Shared Collateral, including the proceeds of any enforcement of Shared Collateral, or any guarantees of any Series of Secured Debt (including the New 2030 2029 Second Out Note Guarantees), (i) after the payment, including the proceeds of any enforcement of Shared Collateral, of amounts due and payable in respect of the Superpriority Secured Obligations, and (ii) on a “second out” basis after the payment of amounts due and payable in respect of the Superpriority Secured Obligations and the First Priority Secured Obligations pursuant to the terms of the Intercreditor Agreement.